A Texas hedge-funder bought 30 Birkin bags for his staff

This is going to make your Christmas bonus seem a lot less exciting. According to a New York Times article about the recent trend of rich people investing in unbelievably expensive Birkin bags, Texas Hedge funder Robert Smith and his wife Hope Dworaczyk, a Playboy Playmate, spent $500,000 buying 30 of the famous bags to give to his staff at their Christmas party in 2014. Talk about goodie bags!

That’s roughly $17,000 per bag, but considering these bags can be worth even more in resale, that is quite the generous gift. As Baghunter showed in a study published in January, Birkin bags have a better rate of return than gold and have only been increasing in value (never decreasing) since 2001.

“There is just something about a Birkin,” Jeff Berk, the head of the luxury reseller Privé Porter told the Times. “It’s like owning a Mercedes-Benz: When you close the door of a Mercedes, it sounds different than a Toyota. And that’s what Hermès customers know and buy into. To many of our customers, to own this bag is to achieve a sense of competence like nothing else.”

The most expensive sale of a handbag ever happened last week at Christie’s in Hong Kong for a Himalaya Birkin bag that went for $300,000.